Host Hotels & Resorts Registers $58M Loss

BETHESDA, MD-Host Hotels & Resorts registered a $58-million loss for Q3, ending September 11, 2009. Total revenue dropped by $227 million, or 19.9%, to $912 million for the quarter and $719 million, or 20.2%, to $2,839 million for year-to-date 2009 as compared to last year. Year-to-date 2009, net loss for the company is $187 million compared to net income of $303 million for year-to-date 2008.

The current recessionary climate, and its effect on business and leisure travel, makes it problematic for the company to predict future operating results, it says in its earnings report. Assuming that comparable hotel RevPAR were to decline approximately 20% to 22% for the full year 2009, Host is anticipating that net loss should be approximately $250 million to $282 million. In Q2 the company, which is headed by CEO Edward Walter, has forecast a larger loss for the year of $310 million.

Earlier this year Host Hotels closed on four separate sales totaling $90 million. Each of the four hotels–in Dulles, VA.; Stamford; Hanover, NJ; and Boston–were sold to private, hospitality-focused investors, according to David Altobello, VP of Vienna, VA-based Molinaro Koger. Altobello brokered and structured the deals along with MK president Rob Koger.